RICS Flashcards
What guidance did the RICS release on good practice principals for the management of health and safety in RICS regulated firms and for RICS members?
RICS Surveying safely, 2018
What is the key legislation on asbestos?
Control of Asbestos Regulations 2012
What are the four main offences defined by the Bribery Act 2010?
Bribing another person. …
Being bribed. …
Bribing a foreign public official. …
Failure by commercial organisation to prevent bribery.
What is a balance sheet?
It is shows the assets and liabilities of a company at a certain period of time, usually at the end of a financial year.
What is a profit and loss account?
It is a summary of a business’s income and expenditure transactions, prepared usually on an annual basis. It is also known as an income statement.
How do you ensure integrity?
I comply with the Bribery Act 2010 and my firms policies on receiving gifts.
What does RICS professional statement say about countering bribery, corruption and money laundering?
- Zero tolerance
- Compliance with laws and regulation in your jurisdiction
- Risk management
What can you tell me about PII?
Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
It’s on a every claim basis. Run-off cover of 6 years is required.
How did you handle a conflict of interest?
Immediately disclose the potential conflict of interest to both the seller and the buyer. Transparency is crucial to maintaining trust and professional integrity.
Provide written disclosure to both parties detailing the nature of the conflict and how it might affect the transaction.
Advise both clients to seek independent professional advice from another surveyor outside the firm before proceeding with the instruction.
If the clients wants to proceed - Set out proposals for dealing with the conflict (Information barrier).
Obtain written consent from both the seller and the buyer acknowledging the conflict of interest and agreeing to proceed with the transaction despite the potential conflict. Ensure that both parties understand the implications and their rights
What is a bribe?
The giving or receiving of an advantage such as payment / gift for an action
What is money laundering?
Proceeds of criminal activities are disguised/ converted and then realised as legitimate assets.
What are International Property Measurement Standards (IPMS)?
A global mandatory Internal Property Measurements Standards and practices aiming to avoid current inconsistent definitions of measurement in different countries and bring greater global transparency.
What is the expectation test?
The ‘expectation test’ assesses whether a gift or hospitality is considered acceptable based on whether a reasonable person would view it as intended to influence professional judgment. In practice, I would evaluate the context, value, and timing of the gift.
What H&S Legislation are you aware of? And how do you comply with it?
H&S at Work Act 1974 - duty of every employer to ensure so far as reasonably practicable the health and safety and welfare at work of all employees.
I undertake Risk Assessments prior to going on inspections. Comply with my firm’s health and safety procedures. I have the relevant PPE required.
Tell me about your understanding of fire safety?
Regulatory Reform order 2005 and the Fire safety act 2021. Following Grenfell there has been a significant importance that all owners, landlords and managers of properties have robust fire assessments.
What is your understanding of a corporate structure?
Different types of corporate structures include: Hierarchical Structure, Flat Structure, Functional Structure, Team-Based Structure.
PwC operates under a networked corporate structure, which is common among large professional services firms. PwC is organized as a partnership rather than a corporation. This means that the firm is owned by its partners, who share in the profits and responsibilities of the business. Each partner typically has a stake in the firm and plays a role in its governance.
PwC operates as a global network of member firms, each of which is a separate legal entity. These member firms are locally owned and managed but are united under the PwC brand and adhere to common standards and policies. This structure allows PwC to maintain a strong local presence while benefiting from the resources and expertise of a global network.
What info can you get from the JFSC?
Certificate of corporation
Register of directors and shareholders over 25%
Certificate of good standing
What is your firm’s CHP?
I’m familiar with PwC’s complaints handling procedures. The complaint is logged in the complaints handling log; escalated to my immediate director, who is involved in the project / client. If the issue remains unresolved, it is further elevated to the Partner who is the complaints handling officer for the firm.
What are methods of ADR?
Mediation
Arbitration
Independent Expert Determination
What is the difference between an Arbitrator and an Independent Expert?
Arbitration is suitable for disputes where the evidence is less straight forward or legal issues are more complex. An Independent expert’s determination is quicker and cheaper, specialist knowledge (valuation or construction defects etc).
Arbitrator can award costs as he wishes, there’s a limited right to appeal. Arbitrator cannot be liable for negligence and cannot be sued, has full power sof disclosure. Acts within the Arbitration Act 1996. Acts on evidence provided. The outcome is called an award.
Independent expert can award costs in accordance to the lease terms. No right of appeal. Can be sued (liable for damages as result of negligence), no powers of discloses. Can use its own knowledge and expertise to reach its decision and does not have to simply consider only the evidence provided.
Outcome – called a decision.
What are the main principles of GDPR?
General Data Protection Regulation’s implementation and UK / Jersey Data Protection Act 2018 states:
Fair and lawful processing; limitation;
minimisation and retention.
What is the difference between litigation and arbitration?
Litigation:
can’t choose judge
public
lower cost
open court
Arbitration:
can choose judge
confidential
private court
higher cost as pay for judge too
what is PACT?
Professional Arbitration on Court Terms - a scheme offered by RICS as a form of alternative dispute resolution for lease renewal disputes. PACT offers a quick, efficient and cost- effective solution to your commercial lease renewal dispute.
what is mediation?
Mediation is a confidential, voluntary, and flexible process that helps people resolve disagreements. A neutral third party, called a mediator, helps the parties involved find a solution that they can all agree to.
